Promoter of Inox Wind divests 4.6% stake for Rs 904 crore

New Delhi: Inox Wind Energy, one of the promoters of Inox Wind Ltd, on Tuesday divested a 4.6 percent stake in the company for Rs 904 crore through open market transactions.

Inox Wind is India's leading wind energy solutions provider. It is a subsidiary of Inox Wind Energy Ltd (IWEL).

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According to the bulk deal data available on the National Stock Exchange (NSE) and the BSE, Inox Wind Energy sold a total of 6 crore shares on the bourses, amounting to a 4.6 percent stake in Noida-based Inox Wind Ltd.

Shares of Inox Wind tumbled 10 percent each to close at Rs 147.65 and 147.75 per piece on the BSE and NSE, respectively.

IWEL offloaded 5.50 crore shares of Inox Wind on the NSE and the promoter entity sold 50 lakh shares of the company on the BSE.

The shares were disposed of in the range of Rs 150.58-152.52 apiece, taking the transaction value to Rs 904.45 crore.

After the stake sale, shareholding of Inox Wind Energy declined to 33.83 percent from 38.43 percent in Inox Wind. Also, the combined stakeholding of promoters declined to 48.27 percent from 52.87 percent in the company.

Meanwhile, BNP Paribas Arbitrage, Goldman Sachs (Singapore) Pte, Morgan Stanley Asia Singapore, and Okoworld Okovision Classic were among the buyers of shares of Inox Wind on the NSE.

Details of the buyers of shares on the BSE could not ascertained.

Inox Wind on Monday allotted an additional 97.78 crore fully paid-up bonus equity shares to its stakeholders, taking the paid-up equity capital to around 130.37 crore shares.

INOXGFL Group is operating across two key verticals -- chemicals and renewable energy. It has four listed entities namely Gujarat Flourochemicals Ltd, Inox Wind Ltd, Inox Green Energy Services and Inox Wind Energy Ltd.

Earlier in May, Inox Wind Ltd reported a consolidated profit of Rs 36.72 crore for the March quarter, mainly due to increased income.

It had posted a net loss of Rs 119.04 crore in the January-March period of the preceding fiscal.

During the fourth quarter of FY24, the company's total income surged to Rs 563.07 crore from Rs 193.83 crore a year ago.

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